Cathay General Q2 Net Income Jumps to $92.2M on Wider NIM, Buyback Boosted
CATY sits 41% above its 52-week low of $43.655.
Summary
Cathay General Bancorp reported Q2 net income of $92.2 million, or $1.37 per share, driven by a net interest margin expansion to 3.48% from 3.43% in Q1. Loan growth was led by commercial and commercial real estate, while deposit growth came from non-interest-bearing and NOW accounts. The board also approved an increase in the share repurchase authorization and a partial redemption of trust preferred securities, signaling confidence in capital strength. This follows the $150 million buyback program announced in April and strong Q1 results. The stock trades near its 52-week high, and the earnings beat the consensus estimate, though no specific guidance was provided.
At the time of this announcement, CATY was trading at $61.36 on NASDAQ in the Finance sector, with a market capitalization of approximately $4.1B. The 52-week trading range was $43.66 to $63.91. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Reuters.